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1、PetroChinaRequirements and design of FMIS modificationsFMIS enhancement projectDecember 19991Contents1. Business requirements32. Gap analysis103. Overall approach and design principles134. Business process overview155. Overview of system changes186. New data files and associated processes247. System
2、 processes for consolidation and reporting29Appendix A - Report formats322System Design for FMIS Modification2 System Design for FMIS ModificationBusiness requirementsChapter 13System Design for FMIS ModificationTo be able to do an IPO, PetroChina need to be able to produce certain key financial rep
3、ortsTo produce these reports, some changes to FMIS needs to be implemented.Business requirement overviewThe FMIS system need to be able to produce the following reports:nAnnual consolidation reports as required by China Finance Ministry based on the PRC GAAP for joint-stock company. nQuarterly conso
4、lidation of reports of the overall ListCo based on the IAS is required for publicly listed companies. nDisclosure items are also required by IAS and PRC GAAP for joint-stock company. nSome other information is required to support annual auditing.All the above reports (except the audit information) w
5、ill need to be produced along the new PetroChina organization structure as described in the following page. The above reporting requirements are detailed in the next pages.4System Design for FMIS ModificationPetroChinaLevel 1PetroChinaLevel 2SpecializedCo/Business GroupLevel 3SegmentLevel 4TypeE&P.
6、.Level 5BusinessUnits.Gas & PipelineDownstreamOil&GasE&PNatural gas(inc. gas pipeline)Refining &MarketingPetrochemicals& marketingOthersRefiningPetroChina reporting structureMarketingR&DChina oilHQBeijingE&PHuaBeiG&PHuaBeiRefineryHuaBeiNorth ChinaPetr.TradeChina O&GresearchinstituteLevel 6Operations
7、UnitsLevel 7SuboperationsUnitsOil field #1Oil field #2Oil field #3District 1District 2District 35System Design for FMIS ModificationPRC GAAP consolidation report requires the following data:Business requirements for PRC consolidationlIndividual PRC GAAP reports of all entity involved in consolidatio
8、n.nBalance sheet ( PRC GAAP) nIncome statementnCash flow statementlInternal transactions reportslInternal transaction listInternal product sales or purchase reportInternal rendering of service report or internal service purchase reportInternal long-term equity investment report, capital structure re
9、portInternal payable or receivableslRequired information for internal transactionsCounterpart, transaction type, period, beginning balance, credit amount, debit amount, ending balance6System Design for FMIS ModificationThere are two types of changes that need to be made to comply with IASBusiness re
10、quirements for IAS consolidationlPRC consolidated financial statements with specific detailslIndividual PRC reports listed earlierlLedger reportlTransactions with different accounting treatment in IAS and PRC GAAPlDevelopment costs - E&P segment specificCost of successful well ( succeeded in the per
11、iod )lAssets and depreciation ( straight line method vs UOP) and related tax creditAssets class, accumulated depreciation amount based on reevaluated carrying amount by straight line method; depreciation amount based on un-reevaluated amount by unit of production method or straight line method ( dep
12、end on assets class )lDeferred business initial cost ( pre-operation expenditures )Beginning balance, ending balancelMonthly revaluation of non-current monetary assets & liabilities ( foreign currency item)Historical value ( calculated by exchange rate of occurring date ), reevaluated value of long-
13、term loan( foreign currency), long-term deposit( foreign currency), other long-term monetary assets or liabilities.7System Design for FMIS ModificationIAS and PRC GAAP requires the following items for disclosure purpose:Business requirements for disclosure purposesCurrencyLoans for oil fields develo
14、pment& refining plants constructionWorking capital loanAveragerateRMBUS$YENlAging report of accounts receivable ( PRC GAAP )lLong-term equity investment ( PRC GAAP )Investee, stock type, share number of stock, share percentage, amount, remarkslLong-term bond investment ( PRC GAAP )Bond type, par val
15、ue, rate, purchased amount, due date, interest of this year, accumulated interest, remarkslOther non-equity long-term investment ( PRC GAAP )Debtor, principal, rate, due date, interest income of current period, accumulated interest, remarkslLong-term loan ( PRC GAAP )Loaner, amount, due date, rate,
16、term(If foreign loan) Foreign currency amount, RMB amount by exchange rate of balance sheet datelBonds payable ( PRC GAAP )Bond name, par value, issued date, issued amount, due date, interest expense of current year, accumulated interestlRelated party transactions ( PRC GAAP & IAS)All data listed in
17、 internal transaction reports, only different entity namelIncome analysis report(IAS)Special deductions relating to exploration and production activities, Income not subject to tax; Expenses not deductible for tax purposeslMovement of allowance for doubtful accountsBalance at beginning of period, Pr
18、ovision, Deductions, Balance at end of period lMovements in allowance for diminution in value of inventoriesBalance at beginning of period; Provision; Deductions; Balance at end of periodlMovement report of PPE & accumulated depreciationnCost: Beginning balance, additions, disposals, ending balance;
19、nAccumulated depreciation: Beginning balance, charge for the year, disposals, ending balancelMovement of allowance of investment value diminutionBeginning balance; Provision; Deductions; Ending balancelLoans Analysis ReportlDirectors remuneration reportSalaries, allowances and other benefitsContribu
20、tion to retirement benefit scheme8System Design for FMIS ModificationFMIS also need to produce certain information that is required to facilitate annual audit.Business requirements for annual auditThe required information for accounts receivable, long-term equity investment, long-term non-equity inv
21、estment has been listed in disclosure requirement. The only remaining items for annual audit are listed below:nShort-term investmentInvestment type, investee, security type, par value, historical cost, rate, due date, interest receivable or dividends receivable, premium /discount and its amortisatio
22、nnNotes receivableNotes type, par value, rate, drawer, due datenOther receivableDebtor, amount, post due daysnAssets revaluationAssets class, book value before revaluation, book value after revaluationnShort-term loanLoaner, amount, rate, due datenNotes payableOwner, par value, rate, due date9 Syste
23、m Design for FMIS ModificationGap analysisChapter 210System Design for FMIS ModificationChanges in financial reporting processPetroChina needs to implement a large scale change in its financial reporting process.CurrentlConsolidation is done by the auditors using spreadsheets and manual data collect
24、ion and manipulationlFMIS report is not compliant with PRC accounting standard for joint-stock company.lIAS report is produced by the auditors using manual methodlReporting is done for the whole CNPC with the current org structurelUse current chart of accountsFuturelConsolidation will be done by Pet
25、roChina accountants as part of the regular accounting process using FMISlFMIS report will be compliant with PRC accounting standard for joint-stock company.lAS report is produced by Petrochina accountants using FMISlReporting structure for PetroChina will be separated from the old CNPC. New org stru
26、cture will be put in placelNew chart of accounts will be in effect11System Design for FMIS ModificationSystems issuesThe following systems issues are identified as critical to the ability for PetroChina to be able to do consolidation and produce the required reportsREQUIREMENTReconciliation of trans
27、actions that occurs across different accounting entities. Some detailed information need to be passed up the corporate reporting structure. SYSTEM ISSUEThis is difficult to do with the current FMIS since FMIS treats each accounting entity as independent from other accounting entities.This is not pos
28、sible in the current FMIS since FMIS only transfer reports, not detailed information.CONSOLIDATION PROCESSREQUIREMENTIAS report have some different grouping of accounts compared to PRC reports In the interim, CNPC requires reporting based on locations in addition to the “normal” reporting procedure
29、along segmentDisclosure items need to be produced and rolled upSYSTEM ISSUECurrent FMIS aggregates report up the hierarchy and it is not possible to see or reconstruct the individual accounts, therefore it is not possible to regroup accounts at higher level.Currently FMIS reporting hierarchy follows
30、 a strict tree pattern with one entity reporting to only one parent.Current FMIS can not produce this data nor roll it upREPORTING PROCESS12 System Design for FMIS ModificationOverall approach and design principlesChapter 313System Design for FMIS ModificationDesign principles / goalslThe design has
31、 to be implementable prior to the IPOlModified FMIS must be able to produce all required reports with minimal manual worklAvoid major changes in business processlAvoid major changes in FMIS which needs long development time and/or high risk of destabilizing FMISlMarginal changes to FMIS is preferred
32、 to marginal change in business processlChanges in business process or FMIS should have minimal dependency on short-term improvement to IT infrastructure.lDue to current limitations in telecommunication, the amount of data that needs to be transferred should be minimized.lTo ease transition, the mod
33、ified FMIS need to have data compatibility with current FMISThe following principles have been followed in creating the design for the new system:14 System Design for FMIS ModificationBusiness process overviewChapter 415System Design for FMIS ModificationLocationLevel 5SegmentLevel 3HQ CorpLevel 1Lg
34、rLgrLgr+Lgr+IASIASPRCSegment ASegment BElimElimPRCElimIASElimIASElimIASLgr+Lgr+IASIASElimIASElimIASIASDifferent segment,different locationSame segment,different locationSame segment,same locationDifferent segment,same locationLEGENDLedgersReportsModified report/consldtn systemConsolidation entryCons
35、olidation fileData flow diagram of rollup processPRCPRCLgrLgrNotes:Lgr+ = ledger report plus some otherspecial reports.16System Design for FMIS ModificationRoll up and consolidation process chart1.1 Enter transactionsfor Level 6 HO1.5 Enter same-segment, same-locationelimination entries1.4 Import re
36、portsfrom level 6HO ledgers1.2 Create reports forLevel 6 HO ledgers1.3 Receive reports & import datafrom level 7 (district)1.8 Produce IASadjustment file(IAS file)1.7 Produce BU segmentPRC report1.6 Determine IAS adjustments1.9 Send PRC BU segment reportand IAS file to Beijing Business group Finance
37、2.1 Receive PRC reportfrom BU Location segments2.2 Enter different-segmentsame-locationelimination entries2.4 Send different-segment,same-location eliminationfile to Beijing H.Q.2.3 Produce Location PRC report3.1 Receive BU segmentPRC report and IAS file1.10 Send PRC report to Location HOfinance3.2
38、Enter same-segment,different-locationselimination entries3.3 Produce bus. group PRC report andIAS adjusted report4.1 Receive PRCreport and segmentIAS file4.2 Receive different-segment, same-location elimination files4.3 Enter different-segment,different-locationelimination entries4.5 Produce corpora
39、tePRC reports andIAS reportsBU LocationLocation HOFinanceSegment Finance(Beijing)CorpFinance3.4 Send business group PRC report andIAS file to corp4.4 Enter IAS adjustments(corporate level)Level 5Level 3Level 117 System Design for FMIS ModificationOverview of system changesChapter 518System Design fo
40、r FMIS ModificationData flow diagram - Transaction systemSome changes are required in the FMIS Transaction system to collect required data from all accounting entitiesExistingfunctionalityTransactionDBEnter accountingentries to FMISProduceLedger reportT1Special disclosureitemsLedgerreports fileF2Dis
41、closure& IASsupportingdata fileF1Internal transactiondata fileNewfunctionalityP4Producespecial disclosureitems reportP2Produce internaltransactions data fileP3Enter specialdisclosure & IASsupport dataP1For internal transactions,enter customer/supplier code19System Design for FMIS ModificationNew or
42、modified functionalities - Transaction systemNew data fileF1 - Internal transaction data fileF2 - Disclosure & IAS supporting data fileNew tablesT1 - Special disclosure itemsNew system processesP1- Internal transaction data entryP2 - Internal transaction file exportP3 - Special disclosure items & IA
43、S supporting data entryP4 - Special disclosure items & IAS supporting file exportChanges to FMIS Transaction system is summarized in the following list:20System Design for FMIS ModificationF3Elimination data fileData flow diagram - Reporting systemNewfunctionalityLowerlevelReportsLedgerreportfilesAg
44、gregationP7EliminationprocessExistingfunctionalityAggregatedReportsConsolidatedLedgerReportP16Export /printconsolidatedledger reportT2EliminationF2Disclosure& IASsupportingdata fileF1Internal transactiondata fileT4InternalTransactionP13ExportremaininginternaltransactionEliminationEntriesInternal tra
45、nsaction &eliminationreports &queriesAnalyze info anddetermine requiredeliminationP5Query, view, print P14Export disclosures &IAS supportingdataP8Export EliminationentriesF4IASadjustmententry fileF3Elimination data fileLedgerreportfilesF2Disclosure& IASsupportingdata fileF1Internal transactiondata f
46、ileF4IASadjustmententry fileP12Export IAS adjustmentP15PrintIAS reportsT3IAS adjIAS adjustmententriesAnalyze info anddetermine requiredIAS adjustmentP9Query IAS adjustmentdataIAS adjustmentinfo reportsSome major changes are required in the FMIS Reporting systemP19Import internaltransactionP6Enter el
47、iminationentriesP18Import eliminationentriesP17Import IASadjustmentsP10Enter IASadjustmentsP15PrintPRC reportsP20Import disclosure/IAS support dataT5Consolidationaccount pair21System Design for FMIS ModificationNew or modified functionalities - Reporting systemNew data fileF1 - Internal transaction
48、data fileF2 - Disclosure & IAS supporting data fileF3 - Elimination data fileF4 - IAS adjustment entry fileNew data tablesT2 - Elimination entry tableT3 - IAS adjustment entry tableT4 - Internal transaction tableT5 - Consolidation account pair tableThe changes to the FMIS Reporting system is shown i
49、n the following list:New system processesP5 - Query info for eliminationP6 - Enter elimination entriesP7 - Elimination processP8 - Export eliminationP9 - Query info for IAS adjustmentP10 - Enter IAS adjustmentsP11 - IAS adjustment processP12 - Export IAS adjustmentsP13 - Export remaining internal tr
50、ansactionsP14 - Export disclosure & IAS support dataP15 - Print IAS reportP16 - Print / Export PRC reportP17 - Import IAS adjustmentsP18 - Import elimination entriesP19 - Import internal transactionsP20 - Import disclosure / AIS support data22System Design for FMIS ModificationRequired new / modifie